Global investment management firm AllianceBernstein L.P. has appointed Pawan Panjwani as CEO and country head, India, it said on Tuesday. The company’s India appointment comes after two years of presence in India with an office in Pune. Panjwani succeeds Tushar Shah, who has been promoted to a U.S.-based role within the company.

“I am truly thrilled to join AllianceBernstein at such a pivotal moment in its journey. The firm’s commitment to maximising value for clients through talent, technology, and innovation deeply resonates with me. I look forward to building on the strong foundation in India and collaborating with our teams across the region to accelerate growth, drive transformation, and create a lasting impact for our clients and communities," Panjwani told Fortune India.

As the new country CEO, Panjwani is expected to lead the firm’s operations in India, drive regional strategy and growth, focus on digital transformation and innovation, and oversee collaboration with global business units.

“Today marks an exciting new chapter for AB India. In just two years, our Pune office has grown significantly in both scale and capabilities. We recognise Pune as a key growth engine for AB and are eager to expand our business and leadership presence across the region,” said Karl Sprules, Chief Operating Officer (COO), AllianceBernstein, in a statement.

With over two and a half decades of experience in financial services, prior to AB India, Panjwani worked at BNY Mellon, where he served as India MD and Head of Engineering. Previous leadership roles also include positions at Wells Fargo International, JPMorgan, Countrywide Financial, and Accenture.

For the first year, the company initially recruited only operations and finance personnel; the office now focuses on investment research, client and sales support, technology, and additional corporate functions. The India team works on developing the local talent, fostering inclusive employee networks, and supporting community initiatives.

The news comes just after the investment management firm announced rejigs to its Asia Pacific (APAC) leadership. Michael Thompson, the firm’s global head of institutions, is set to take over as APAC CEO from January 1 next year. Thompson succeeds Ajai Kaul, who will retire at the end of this year after a 32-year tenure with the firm. In addition, Derek Yung, currently CEO, Taiwan, has been elevated to Deputy CEO for the region and will take charge on the same date as Thompson.

This signals the company’s increased focus on building its clientele in APAC and more so in countries like India, where the number of high-net-worth individuals has been steadily rising.